Wrong footed again

[Suff]

As the jobs figures come in better than expected for July.

So the "experts" have just finished telling us that jobs are going to go and the economy is going to turn down and the "confidence" is low. Then the actual stats come in with the real figures for July and jobless claims are down again.

Perhaps this is time to remember that PMI (the Purchasing Managers Index), is not how many people they bought or how many orders they have made or taken, but is actually a forecast of what they Might be doing in the coming quarter.

Is it any wonder they were pessimistic? The "experts" told them it would be biblical. The stats tell us that the economic recovery in the UK continues to outperform the rest of the EU, Brexit or not.

In fact one of the "experts" comments is mind boggling.

If employers behave now as they did after the 2008 crash

WTF, why the hell would they want to do anything like that? It's not like our banking system just collapsed. We just voted to take our trade elsewhere and that it would take 2 years to get to the point where we could actually take it there.

The only real thing which has happened so far is that the "experts" have absolutely convinced the people investing in the building funds and the other investors in the UK that we're now a bad bet in the short term.

Way to go the "experts"...

I know that the phrase "we've had enough of the experts", during the campaign, got everyone upset. But, honestly, I've had enough of the experts and their "you took my ball away" doom and gloom which is actually impacting our economy. Time for them to shut up for 3 months and crunch the numbers. Then come and tell us what they think the real and true impact will be.

[Suff]

And Again.

Oooh look. Retail sales came in and they were UP.

Economists are starting to say "we may avoid recession". I wonder when reality will dawn on them. Had the BOE done what it has just done without the whole political hoorah of the referendum they would have been castigated to hell.

Just think about it. Spending is up, unemployment claimants are down, confidence is low but the stock market is raging and ONLY the builders funds are down because the very same bank that stuffed a chunk of stimulus into the market told the investors it would be a bad deal in the event of Brexit.

Had the BOE done this at any other time they would have been accused of overcooking the economy in a BIG way.

The BOE has been at pains to tell the politicians that it takes 3 months for any event to filter through to the full economy and to be understood. So they wade in and start kicking the house down within weeks of a Brexit vote. Why? The only possible answer can be to protect their own reputation. Because the ONLY real figure they used was a "confidence" survey and that confidence level had already been set by them, themselves.

A sudden drop in the value of the £ was already a big boost to an export led recovery.

Just think how much the £ is going to be worth when inflation kicks off and the BOE is forced into the position of both raising rates and not completing it's money easing auctions... That will hurt our exports more than anything they tried to head off...